Zillow to Acquire Spruce
August 29, 2023
Zillow Group has entered into an agreement to acquire Spruce, a tech-focused title and escrow company.
In a release, Zillow said the acquisition will help the two companies build a digital-powered closing offering for its customers.
“Title should never be a blocker to a great transaction and our goal is for our customers to see and feel how much better the real estate transaction can be when they work with Zillow,” said Matt Daimler, Zillow senior vice president of product. “With Spruce, Zillow is building a tech-forward, high-volume title company for the future.”
Zillow said Spruce’s closing solutions will be a key component to its housing application, which will attempt to connect all the fragmented pieces into one streamlined transaction. In June, Zillow shut down Zillow Closing Services in favor of exploring a more tech-forward solution. The acquisition is a strategic move in Zillow’s efforts to steadily roll out products and services to create a seamless end-to-end homebuying experience for customers and partners.
Founded in 2016, Spruce built technology and operations to power title insurance, coordination, escrow and recording services nationwide for its customers.
“Real estate transactions often fall short of buyer and seller expectations,” said Patrick Burns, Spruce CEO and co-founder. “Like Zillow, Spruce is driven by the vision of offering an amazing transaction experience to buyers and sellers. We’re excited to join Zillow in the ambitious mission to create the best closing solution for the modern homebuying process.”
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